Yellen Follows Ben, Beige Book Housing Momentum, Housing Starts, Fully Amortizing Under Appreciated, FHA & Reverse Mortgages, Zandi on GSE Reduction, Hensarling vs. Eminent Domain, DQs Stay High, Another View of PATH Act, Home Prices, OIG and FHA, Retail Sales, 52% Want GSEs Reduced

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Why Janet Yellen Will Be The Next Fed Chair – By Matthew Yglesias – Slate.com

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Housing momentum continues in all districts: Beige Book – By Christina Mlynski – All of the Federal Reserve districts reported modest to moderate growth in economic activity in the central bank’s latest Beige Book. – Housingwire 
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Housing Starts: A few comments – by Bill McBride – Calculated Risk 
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(Jack is always interesting) The Fully Amortizing Mortgage With Equal Monthly Payments: An Under-Appreciated (and Often Misunderstood) Blessing – Jack Guttentag – The Mortgage Professor 
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NY Times: FHA Wants to Keep All Reverse Mortgage Products, Targeting Change – by Elizabeth Ecker – … “If the F.H.A. fails to get Congress’s blessing, it will have to take more draconian actions in the coming months…” the New York Times reports. …  But officials are working to keep all products, the Times reports, preferring instead to apply more stringent borrower guidelines to ensure borrowers can meet their loan obligations. … – Reverse Mortgage Daily 
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It is time for the government to reduce its role in the mortgage business – Mark Zandi – Washington Post
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Congressman tries to tackle eminent domain plans – By Kerri Ann Panchuk – … But Rep. Jeb Hensarling, R-Texas, is having none of it. The House Financial Services Committee Chairman inserted a provision in a draft of his proposed mortgage finance legislation to stop eminent domain. The proposal, if passed, would block federally backed loans in any county that allows eminent domain to be enacted. The Las Vegas Review has more on Hensarling’s plan.   … – Housingwire

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Administration Warns Delinquencies Remain High Despite Decreases – BY: ESTHER CHO – Foreclosures and mortgage delinquencies may be declining, but that doesn’t mean the industry should let its guard down. In the Obama Administration’s latest housing scorecard, which provides an overview of the housing market based on private and public sector data, officials continued to warn of a “fragile” recovery despite improvements. – DS News 
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(another view of PATH Act proposed) House Republican GSE Bill Would Codify MERS, Pre-Empt Private Property Rights – By David Dayen – The top Republican on the House Financial Services Committee has tucked a provision into his mortgage finance reform bill that would create a privately held “National Mortgage Data Repository.” The repository would basically look like MERS, the bank-owned electronic database tracking mortgage transfers. The difference is that, while MERS’ activities have drawn legal challenges across the country, the National Mortgage Data Repository would have the force of statute to carry out the exact same behavior. According to the bill text, any document arising from this repository would be seen as presumptively legal, pre-empting state and federal laws on demonstrating the right to foreclose – much more – Naked Capitalism  
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FNC: House prices increased 4.0% year-over-year in May – by Bill McBride – In addition to Case-Shiller, CoreLogic, FHFA and LPS, I’m also watching the FNC, Zillow and several other house price indexes. – Calculated Risk 
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OIG calls for agreement with FHA before increasing g-fees – By Christina Mlynski – … Going forward, the FHFA plans further enterprise g-fee increases to spur private capital, but it’s not yet clear how high the conservator must increase such fees to achieve its objectives, according to the latest report by FHFA’s Office of Inspector General.  … As a result, the OIG suggests FHFA should seek to establish a more formalized agreement with the Federal Housing Administration to assess key issues in the mortgage finance system. … – Housingwire 
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(Performance to lag?) Private-label RMBS issuance may begin to run out of steam – By Christina Mlynski – Private-label residential mortgage-backed securities outperformed most fixed-income markets in the first half of year … according to Bank of America Merrill Lynch … – Housingwire

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Did (Monday’s) Retail Sales Whiff Contain A Big Warning About The Housing Market? – JOE WEISENTHAL – Retail sales missed expectations today, as top-line sales came in at just 0.4% growth, vs. 0.8% expected. Nomura finds one ominous nugget: Building material sales were a major drag on overall sales, as they declined by 2.2% in June. This could be a result of the recent run-up in mortgage rates, but we have to wait for more housing data to conclude that this is actually the case. – Business Insider

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About 52% Of Americans Favor Liquidating Fannie And Freddie – by MortgageOrb.com – More than half of Americans favor phasing out Fannie Mae and Freddie Mac, according to a survey conducted by On Message Inc. on behalf of the American Action Forum (AAF). 
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